CFX Market (Cfxmarket.com) is another Forex scam platform stealing mainly from UK based investors. CFXMarket is claiming to be a global leader in Forex exchange which is a big lie. With claims of earning income based on difference between bid and ask price, they are stealing from investors. Most members who had opened accounts awhile back are now ruing the decision. Read this detailed CFX MARKET Review for more information.
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With many members crying foul after having access to their balance denied, trouble is brewing. CFX Market is openly refusing to grant access to funds to anyone who has a balance of more than $500. Alex deposited $10,000 hoping to make a decent profit margin with this platform. With a few successful trades, his balance jumped to $12,500. His next step was to withdraw his initial deposit and start trading with the $2,500 profit. Upon sending a withdrawal request, he could not withdraw even a penny from this platform.
Professional scam artists are known to clone websites and fool investors into depositing with them. CFX Market is no different as they use over the moon claims and promises to lure investors. Claims plastered on their website such as having over 165K transactions are a lie. It is sad to note that newbie traders are easily swayed by over the moon claims. If this platform had the quoted daily transaction figure, they would be well known. Sadly, it is a fact they are posting fake claims to entice investors to sign up.
Disclaimer at the footer of their homepage claims the location of this platform as being in London. Scam artists will do or say anything to make their platform appear to be EU based. It is especially the case if they are targeting investors from this region. We have reason to believe CFX Market is another offshore led scam platform. For all we know, this could be a money laundering website for other scams. It is best to stay away from this platform to avoid being a victim like Alex.
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Another disturbing feature with this website is in regards to anonymity. Anonymous websites are synonymous with scams. Who are the actual people behind this platform? Is it possible to know the founding members of this platform? The team posted as their panel of experts is mere photos taken from the website. We could not come up with any social media platform with any of the listed experts. It seems they have posted random images just to fool investors. Why isn’t there any contact details regarding these experts?
It would seem we are dealing with an illicit platform with no bearing. If this platform is located in the UK, you would expect some form of licensing. We contacted the FCA which is the regulatory body in the UK. No results popped up once we searched the license and registration status of this platform. What seems to be a genuine platform on paper is just another well-crafted scam. A problem with CFX Market is they fail to post any details such as license number on their entire website.
Why would a broker based in London fail to reveal their license and registration details? It is clear these vital documents are not available. Without a valid trading license, we strongly believe this is another rotten online scam. A real platform will post details of their license for all to see. It helps show credibility and transparency on the side of the broker. Don’t expect any compensation from this platform once they shut down.
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We checked the entire website to see whether one could come up with any advantage. Since the platform is openly stealing from members, we simply had to expose them. Scam artists who have a habit of creating cloned websites are tarnishing the good Forex trading name. The only way to stop this from happening is to expose all their tricks. Continue reading this detailed review and find out some of the tricks used to scam investors. Watch out for cloned websites as they appear genuine to the naked eye.
CFX Market is furnishing investors with three types of accounts to trade with. Accounts are named Micro, Basic, and Bronze. All accounts have a welcome bonus of 30% and 40% with the Bronze account. Unsuspecting investors deposit more funds expecting to have a larger bonus commission. Another huge problem with this platform is the huge minimum deposit ask price. Micro account holders must deposit $500 to start trading; it is way above the set industry requirement of $250.
What we found out regarding their demo account is shocking beyond words. It seems CFXMarket is using a rigged demo account which is unfair to investors. A rigged demo account produces insane profit margins which is a plot to lure investors. Investors who start using this demo account make profits of over 97%. Watch out for demo accounts which produce insane profit margins.
When it comes to account funding, CFX MARKET has this area well covered. Depository channels include American Express, MasterCard, PayPal, and Visa. What shock us with this platform are the lengths they will go to steal from users. Withdrawing is still the major issue with this platform as it openly refuses anyone to withdraw. We have not seen any investors who has come out with evidence of ever withdrawing with this platform. Stay away from any platform with similar characteristics.
CFX Market is claiming to offer MT4 trading platform as their preferred tool of trade. It is a well-respected platform if used in the right environment. A huge problem with this platform is lack of any basic security features to protect users. With no DDoS Protection and SSL Encryption, users are at risk of being hacked.
It is clear funds are not safe with an unlicensed entity. Segregation of accounts is a huge problem as CFX Market is pooling funds in one account. Make sure to stay away from this platform or else become their next victims. No one knows who is responsible for handling funds which is a huge problem. It makes it a hard problem to try and trace these scam artists once they steal your funds. Best thing is to stay away and ignore any promotional material from their marketing team.
Evidence clearly shows we are dealing with a scam. Warn your family and friends from joining this platform. Mark all their emails as Spam and watch out for any calls from their agents.
We will be adding this platform to our scam blacklist to help protect our readers.
It is also wise to invest in Crypto Currency as a way of making stable profits. Go for genuine and transparency Crypto Currency trading robots.
Wishing you all the best in your trading experience.
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